January 2018 real estate sales in Steamboat tops for nine years running | SteamboatToday.com

January 2018 real estate sales in Steamboat tops for nine years running

Stamboat's western suburbs accounted for nine residential sales in January 2018, compared to 40 at the base Steamboat Ski Area.
Tom Ross/file

STEAMBOAT SPRINGS – January is one of the most quiet months of the year in the Steamboat Springs real estate market, but January 2018 got the local market off to a strong start with $55,381,825 million in sales on 92 transactions.

Melissa Gibson of Land Title Guarantee Company reported the January dollars were up 20.6 percent over the $45,924,300 reported in January 2017, and easily put up the biggest number in nine years. As recently as  2014, January dollar volume was $20.4 million.

The January numbers were boosted, Gibson said, by three sales greater than $3 million, including the $10-million sale of Slate Creek Ranch, not far from the west side of Steamboat Springs on Elk River Road.

In all of 2017,  January and February were the only months of the year that did not top $60 million in sales.  September led the way with $92.6 million. It marked the third time in four years that either September or October put up the biggest numbers of the year.

Skipping ahead to the here and now, the biggest sale recorded March 2 to 8 was that of a 3,622-square-foot, four-bedroom home in the Running Bear neighborhood south of Steamboat Ski Area that sold for $1.4 million.

The Steamboat mountain area dominated the 92 transactions that closed in January, with 40. The next closest neighborhood was West Steamboat with 8 transactions.

By the end of the first month of this year, 32 homes sold at prices between $200,000 and $500,000, digging deeper into a price range that was already in short supply. Those sales were divided almost evenly: 10 between $200,000 and $300,000; 11 between homes priced $300,001 and $400,000; and 11 between $400,001 and $500,000.

Nick Metzler of Colorado Group Realty advised his week that when the final count is done nine months from now,  the local market will have seen fewer transactions in 2018 than 2017, but higher prices per transaction.

“The cost of construction is high and the risk involved in speculative building is significant, despite the healthy real estate market,” Metzler said.

To reach Tom Ross, call 970-871-4205, email tross@SteamboatToday.com or follow him on Twitter @ThomasSRoss1.

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